Dollar Tree announced this week that it is going to be closing 600 of its Family Dollar locations nationwide this year and an additional 400 locations over the next few years as leases expire.
In an announcement, the company shared that the planned Family Dollar closures, which in total will be 970, as the remaining 30 will be Dollar Tree locations, represent about 15% of its Family Dollar locations nationwide.
The retailer’s various discount stores have struggled in recent years with inflation impacting prices and low-income shoppers’ wallets.
The retailer shared in its announcement that more customers shopping around for the best prices and increased instances of shoplifting have hurt the company’s bottom line.
Dollar Tree acquired Family Dollar nearly a decade ago in a deal that cost more than $8 billion.
While a comprehensive list of closures has not been released yet by the company, it did share in a statement to CBS News that the locations were selected after a “comprehensive review of our store portfolio to identify and address underperforming stores and invest in improved store standards and growth.”